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Rs 5,259 cr unaccounted income found in Karnataka, Goa tax raids

Rs 5,259 cr unaccounted income found in Karnataka, Goa tax raids

Bengaluru: Unaccounted income of Rs 5,259 crore was found during 50 Income Tax (IT) raids that were held in Karnataka and Goa during the fiscal 2017-18, a tax official said on Thursday.

“Fifty searches held in Karnataka and Goa during the fiscal year revealed an unaccounted income worth Rs 5,259.4 crore,” Chief Commissioner of Income Tax for Karnataka-Goa region Rajnish Kumar told the media here.

During the raids held through the year, it was found that a mining business had undeclared transactions worth over Rs 1,000 crore, he said, without disclosing any details of the firm.A

Three groups of fish processing industries in Mangaluru were found to be violating the IT Act through unaccounted investments, which led to disclosure of Rs 195 crore hidden income, he said.

IT officers also found an undisclosed income of Rs 128 crore through raids on two gems and jewellery businesses in the Karnataka-Goa region.

The IT official, however, declined to name the firms raided.

Raids were also held on two In Vitro Fertilisation (IVF) clinics/doctors and five medical diagnostics in the region where the IT officials seized cash worth over Rs 1.4 crore, along with gold and jewellery weighing over 3.5kg.

A hair exporter in north Karnataka was found to be evading taxes worth over Rs 65 crore, Kumar said.

“There is a jump in the number of prosecution cases filed by the IT Department this year. A total of 111 prosecution complaints have been filed in 66 cases for various offences by the tax payers,” he added.

IANS